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Usd/Jpy: Dec4 close Y112.38, Dec5.......>

YEN SUMMARY
YEN SUMMARY: Usd/Jpy: Dec4 close Y112.38, Dec5 Asia range Y112.38-63, Europe
Y112.48-70
*Eur-Jpy: Dec4 close Y133.30, Dec5 Asia range Y133.35-71, Europe Y133.23-74
*Steady demand in early Asia lifted the dollar from near Y112.40 to Y112.58
before meeting supply
*Minor pullback to Y112.38 encountered willing dip buyers off the low,
Japanese/Real money accounts aided the recovery to hold Y112.55/60
*UST yields firmed into Europe, Usd/Jpy managed to grind out a fresh high of
Y112.70 but with lack of follow through faded
*Yen crosses started to pressure, rate touched pullback lows of Y112.48
*Having touched early European highs of Y133.74, Eur/Jpy felt the weight of
persistent Gbp/Jpy selling pressure. Initially stalling around the Y133.40/45
area, second wave supply moved through the Asia low to Y133.23. Yen pairs later
recovered, last Y133.43/Y112.60
*US data highlights today from International Trade at 1330GMT, Services PMI at
1445GMT, followed by ISM-Nonmfg Index at 1500GMT.

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